Nigeria’s House of Representatives has secured a commitment from seven major oil companies to settle their outstanding debts totaling $37.4 million to the Federation Account before August 2025.
These companies include Belema Oil, Pan Ocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
The commitment follows the Public Accounts Committee’s scrutiny of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which revealed significant lapses in royalty payments and reconciliation processes across the sector.
The pledged repayment is part of a N9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
Beyond these seven companies, the committee’s investigation has uncovered $1.7 billion owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
Additionally, nine companies, including Aradel/Niger Delta, Chevron, and Seplat Energy, have contested their outstanding balances totaling $429.2 million and requested a reconciliation process with NUPRC.
The committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
Furthermore, 28 companies, collectively owing $1.2 billion, have failed to honor invitations by the committee or respond to public notices.
These companies have been given a one-week grace period to submit relevant documentation and appear before the committee, failing which they will face legislative and regulatory sanctions.
Source: https://energynewsafrica.com
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